Forex Economic News: US Initial Claims due at 8:30 ET, Chain Store released this morning

The US Initial Claims data is due at 8:30 ET. The expectations are for a decline to 340,000 from the surprise 375,00 last week.  The initial claims data has been struggling with seasonals as two weeks ago the figure was a below trend 306,000.   So the market wiill be interested in seeing if the trend is continuing higher or is on a more moderate track.  The 4 week moving average is 325,750.  A number above 322,000 will raise that average this week.

The chain store sales results are also being released today.  Walmart sales were disappointing which has led the stock market down early.  Walmarts sales are significant as they initiated discounts to lure buyers to their store.  The consumer seems tapped out.